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Make compound interest your best financial friend if you're in your 30s: Money Hacks Ep 38

By The Straits Times and The Business Times

Money Hacks Ep 38 (Season 2): Make compound interest your best financial friend if you're in your 30s 10:23 mins Synopsis: Every Monday, The Straits Times and The Business Times break down financial tips so you can take action after listening to our podcast episodes. Aggregate Asset Management is a fund management house that focuses exclusively on equities, also known as stocks. The company was first launched in Singapore in December 2012, and was the first local fund house to adopt a zero-management-fee model, charging only a performance fee. We chat with co-founders and executive directors Wong Seak Eng, Kevin Tok and Eric Kong about how you can retire earlier with a bigger retirement income by the age of 60 if if you plan as early as your 20s. For example, if your portfolio returns in equities or stocks are 10% a year, the Rule of 72 calculator - which means how many years it takes you to double your money - shows that 72 divided by 10, equals doubling your portfolio's value in seven years. So if you invest $1 at the age of 30, it can become $2 when you're 37, $4 by 44, and $16 by the age of 58. On paper, they explain that you have many seven-year cycles to go even if you're in your 30s, to maximise the power of compound interest. Are you also aware of transaction costs, brokerage or custodian fees? Do know they can also eat into your stock investment profits. Produced by: Ernest Luis and Christopher Lim Edited by: Adam Azlee Like, subscribe and rate our Money Hacks podcast on:   Spotify: http://str.sg/oeGN   iTunes: http://str.sg/oeXe   Google podcasts: http://str.sg/oeGd   Feedback to: podcast@sph.com.sg   Do note: Any financial or investment information in this podcast is for use in Singapore only and is intended to be for your general information. Any particular investment or decision should only be made after consulting with a fully qualified financial adviser.

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